American Beacon AHL Multi-Alternatives Fund
Name
As of 04/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
6.6%
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$32.7 M
Holdings in Top 10
82.3%
52 WEEK LOW AND HIGH
$10.9
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.77%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
AHMYX - Profile
Distributions
- YTD Total Return 6.6%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameAmerican Beacon AHL Multi-Alternatives Fund
-
Fund Family NameAmerican Beacon
-
Inception DateAug 29, 2023
-
Shares OutstandingN/A
-
Share ClassY
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CurrencyUSD
-
Domiciled CountryUS
Fund Description
The Fund seeks to achieve its investment objective by implementing two investment strategies, a “Managed Futures Strategy” and a “TargetRisk Strategy.” The Fund intends to allocate approximately 50% of its portfolio to each strategy.
(1) Managed Futures Strategy. The sub-advisor’s investment philosophy is that the financial markets exhibit trends and other inefficiencies. Trends are a manifestation of serial correlation in financial markets — the phenomenon whereby past price movements influence price behavior. Although price trends vary in intensity, duration, and frequency, they typically recur across sectors and markets. Trends are an attractive focus for active trading styles applied across a range of global markets. The sub-advisor implements a quantitative trading strategy and systematic investment process designed to capitalize on price trends (up and/or down) in a broad range of over 80 global markets including stock indices, bonds, currencies and interest rates by utilizing derivative instruments. The sub-advisor employs computerized processes to identify investment opportunities across a wide range of markets around the world. Investment decisions are executed via the sub-advisor’s proprietary execution strategy. The investment decision process is quantitative and primarily directional in nature, meaning that investment decisions are driven by mathematical models based on market trends and other historical relationships. It is underpinned by risk controls, ongoing research, and diversification guidelines. As the owner of a “long” position in a derivative instrument, the Fund may benefit from an increase in the price of the underlying investment, and as the owner of a “short” position, the Fund may benefit from a decrease in the price of the underlying investment. |
The Managed Futures Strategy is designed to provide an excess return with a targeted level of volatility regardless of market conditions. The sub-advisor seeks to do this by using systematic algorithms (mathematical models). An algorithm measures the degree of volatility in a particular market. If the market is turbulent, and returns are volatile, the algorithm will reduce exposure. Conversely, it will increase exposure, subject to risk limits, if the market is calm and volatilities are decreasing. This technique is called ‘volatility scaling’ and can be applied at various levels to achieve a balanced risk exposure through time, and across different asset classes. Volatility scaling aims to achieve a certain target level of volatility which is stable through time. The Managed Futures Strategy has set an annualized volatility target of 10% of the Fund’s net asset value (“NAV”) invested in the strategy. Volatility is defined as the annualized standard deviation of returns. It is important to note that both the short and long term realized volatility of the Fund can and will differ from the targeted volatility and can be dependent on prevailing market conditions. |
(2) TargetRisk Strategy. The sub-advisor allocates the Fund’s assets invested in the TargetRisk Strategy across equities, bonds (including inflation index-linked bonds), interest rates, corporate credit, and commodities primarily through derivative instruments utilizing a proprietary quantitative model. The TargetRisk Strategy is designed to provide an excess return with a targeted level of volatility regardless of market conditions. The sub-advisor seeks to do this using volatility scaling as described above. The TargetRisk Strategy has set an annualized volatility target of 10% of NAV invested in the strategy. In addition to volatility scaling, the TargetRisk Strategy utilizes additional systematic overlays to control downside risk. The first of these is a momentum overlay, which uses past price behavior to identify periods when a market is in a downtrend. The strategy uses this information to scale down positions depending upon the strength of that trend, thereby reducing risk in falling markets. The second overlay is a volatility switching mechanism, which reacts quickly to spikes in volatility by using a formula that is designed to minimize market transactions during periods of low volatility and increase market transactions during periods of heightened market volatility. The third overlay uses intraday data to identify dangerous environments in which fixed income assets no longer act as a hedge to equities and other assets. The combination of these overlays aims to reduce losses and improve risk-adjusted returns. |
The Fund invests primarily in derivatives, including futures contracts (including equity index futures, bond futures, bond index futures, government bond futures, such as treasury futures, interest rate futures, and currency futures), foreign currency forward contracts and non-deliverable forwards (“NDFs”), and swaps (including commodity swaps, credit default swaps, and total return swaps), but also may invest in other types of derivative instruments, including derivative instruments linked to stock indices, currencies, bonds, interest rates and commodity instruments. The Fund uses derivative instruments to enhance total return, to manage certain investment risks, to substitute for the purchase or sale of the underlying securities, and for hedging purposes. The Fund expects that, under normal market conditions, the notional value of its derivatives exposure generally will exceed that of its net assets. In order to collateralize its derivatives investments, for liquidity purposes, or to earn income, the Fund may hold significant amounts of U.S. Treasury securities; foreign developed market sovereign short-term bonds issued by countries such as France, Germany, Japan, and the United Kingdom; short-term investments, which may includea government money market fund advised by the Manager, with respect to which the Manager also receives a management fee; cash; cash equivalents; and time deposits. The Fund’s investments in government securities may be zero coupon securities. The Fund may invest in derivatives instruments that provide exposure to below investment grade securities, which are commonly referred to as “junk bonds” and to issuers in the U.S. and foreign developed and emerging markets, including sovereign debt. The Fund may invest in U.S. and non-U.S. currencies and instruments denominated in non-U.S. currencies. The Fund also may invest in government obligations. The Fund’s investments are generally made without restriction as to issuer market capitalization, country, currency, or maturity. The Fund may hold significant cash positions from time to time. Accordingly, the sub-advisor will make investment decisions for cash management purposes.
The Fund seeks to gain exposure to the commodity futures markets by investing up to 25% of its total assets in a wholly owned subsidiary, which is organized under the laws of the Cayman Islands (the “Subsidiary”). Generally, the Subsidiary invests primarily in commodity futures and commodity swaps, but it may also invest in financial futures and forwards and other types of swap contracts, fixed income securities, pooled investment vehicles, including open-end investment companies, and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. The Fund invests in the Subsidiary in order to gain exposure to the commodities markets within the limitations of the federal tax law, rules and regulations that apply to “regulated investment companies.” Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives, however, the Subsidiary and the Fund, in the aggregate, will comply with applicable requirements for derivatives transactions set forth in Rule 18f-4 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the Fund and the Subsidiary comply with the same fundamental investment restrictions on an aggregate basis and the Subsidiary follows the same compliance policies and procedures as the Fund to the extent those restrictions, policies and procedures are applicable to the investment activities of the Subsidiary. Unlike the Fund, the Subsidiary does not, and will not, seek to qualify as a “regulated investment company” under Subchapter M of Chapter 1 of Subtitle A of the Internal Revenue Code of 1986, as amended (“Subchapter M”). The Fund is the sole shareholder of the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors.
The Fund’s holdings may be frequently adjusted to reflect the sub-advisor’s assessment of changing risks, which could result in high portfolio turnover. The Fund may have significant exposure to issuers located in, or with economic ties to, Europe, Japan, and the United Kingdom. However, as the sector and geographic composition of the Fund’s portfolio changes over time, the Fund’s exposure to Europe, Japan, and the United Kingdom may decline, and the Fund’s exposure to other geographic areas may increase.
The Fund is non-diversified, which means that it is not limited to a percentage of assets that it may invest in any one issuer.
AHMYX - Performance
Return Ranking - Trailing
Period | AHMYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.6% | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | AHMYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | AHMYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.6% | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | AHMYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
NAV & Total Return History
AHMYX - Holdings
Concentration Analysis
AHMYX | Category Low | Category High | AHMYX % Rank | |
---|---|---|---|---|
Net Assets | 32.7 M | N/A | N/A | N/A |
Number of Holdings | 245 | N/A | N/A | N/A |
Net Assets in Top 10 | 26.9 M | N/A | N/A | N/A |
Weighting of Top 10 | 82.34% | N/A | N/A | N/A |
Top 10 Holdings
- U.S. Treasury Bills 18.24%
- U.S. Treasury Bills 15.88%
- U.S. Treasury Bills 14.12%
- U.S. Cash Management Bills - Reopening 12.61%
- U.S. Cash Management Bills - Reopening 6.09%
- U.K. Inflation-Linked Gilts 3.75%
- U.S. Treasury Bills 3.64%
- U.S. Cash Management Bills - Reopening 3.04%
- U.S. Treasury Inflation-Indexed Notes 3.01%
- U.S. Treasury Bills 1.95%
Asset Allocation
Weighting | Return Low | Return High | AHMYX % Rank | |
---|---|---|---|---|
Bonds | 85.76% | N/A | N/A | N/A |
Cash | 11.42% | N/A | N/A | N/A |
Other | 2.82% | N/A | N/A | N/A |
Stocks | 0.00% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Bond Sector Breakdown
Weighting | Return Low | Return High | AHMYX % Rank | |
---|---|---|---|---|
Derivative | 2.82% | N/A | N/A | N/A |
Cash & Equivalents | 1.56% | N/A | N/A | N/A |
Securitized | 0.00% | N/A | N/A | N/A |
Corporate | 0.00% | N/A | N/A | N/A |
Municipal | 0.00% | N/A | N/A | N/A |
Government | 0.00% | N/A | N/A | N/A |
Bond Geographic Breakdown
Weighting | Return Low | Return High | AHMYX % Rank | |
---|---|---|---|---|
US | 80.17% | N/A | N/A | N/A |
Non US | 5.58% | N/A | N/A | N/A |
AHMYX - Expenses
Operational Fees
AHMYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.77% | N/A | N/A | N/A |
Management Fee | 1.13% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
AHMYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
AHMYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
AHMYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
AHMYX - Distributions
Dividend Yield Analysis
AHMYX | Category Low | Category High | AHMYX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | N/A | N/A | N/A |
Dividend Distribution Analysis
AHMYX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None |
Net Income Ratio Analysis
AHMYX | Category Low | Category High | AHMYX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
AHMYX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 30, 2012 | $0.037 | DailyAccrualFund |
Feb 29, 2012 | $0.037 | DailyAccrualFund |
Jan 31, 2012 | $0.037 | DailyAccrualFund |
Dec 30, 2011 | $0.037 | DailyAccrualFund |
Nov 30, 2011 | $0.037 | DailyAccrualFund |
Oct 31, 2011 | $0.037 | DailyAccrualFund |
Sep 30, 2011 | $0.037 | DailyAccrualFund |
Aug 31, 2011 | $0.037 | DailyAccrualFund |
Jul 29, 2011 | $0.037 | DailyAccrualFund |
Jun 30, 2011 | $0.039 | DailyAccrualFund |
May 31, 2011 | $0.039 | DailyAccrualFund |
Apr 29, 2011 | $0.039 | DailyAccrualFund |
Mar 31, 2011 | $0.039 | DailyAccrualFund |
Feb 28, 2011 | $0.039 | DailyAccrualFund |
Jan 31, 2011 | $0.039 | DailyAccrualFund |
Dec 31, 2010 | $0.039 | DailyAccrualFund |
Nov 30, 2010 | $0.039 | DailyAccrualFund |
Oct 29, 2010 | $0.039 | DailyAccrualFund |
Sep 30, 2010 | $0.039 | DailyAccrualFund |
Aug 31, 2010 | $0.039 | DailyAccrualFund |
Jul 30, 2010 | $0.039 | DailyAccrualFund |
Jun 30, 2010 | $0.039 | DailyAccrualFund |
May 28, 2010 | $0.039 | DailyAccrualFund |
Apr 30, 2010 | $0.039 | DailyAccrualFund |
Mar 31, 2010 | $0.039 | DailyAccrualFund |
Feb 26, 2010 | $0.039 | DailyAccrualFund |
Jan 29, 2010 | $0.039 | DailyAccrualFund |
Dec 31, 2009 | $0.039 | DailyAccrualFund |
Nov 30, 2009 | $0.039 | DailyAccrualFund |
Oct 30, 2009 | $0.039 | DailyAccrualFund |
Sep 30, 2009 | $0.039 | DailyAccrualFund |
Aug 31, 2009 | $0.039 | DailyAccrualFund |
Jul 31, 2009 | $0.039 | DailyAccrualFund |
Jun 30, 2009 | $0.039 | DailyAccrualFund |
May 31, 2009 | $0.039 | DailyAccrualFund |
Apr 30, 2009 | $0.039 | DailyAccrualFund |
Mar 31, 2009 | $0.038 | DailyAccrualFund |
Feb 28, 2009 | $0.038 | DailyAccrualFund |
Jan 31, 2009 | $0.038 | DailyAccrualFund |
Dec 31, 2008 | $0.039 | DailyAccrualFund |
Nov 30, 2008 | $0.039 | DailyAccrualFund |
Oct 31, 2008 | $0.033 | DailyAccrualFund |